Aligning Strategy with Vision for Success - Tom Bonney - Built to Finish - Episode # 013

Curious about how to build a successful business and prepare for a profitable exit?Tom Bonney shares his 30+ years of experience in the business world, from his early days as a CPA at Deloitte to founding two successful firms: Polaris Consulting and CMF Associates. Tom offers invaluable insights into the key principles of building a thriving business, including the importance of staying market-focused, aligning with the right partners, and learning from initial mistakes.He shares strategies for navigating the due diligence and sale processes, managing economic downturns, and maximizing business valuation. Whether you're an aspiring entrepreneur or a business owner preparing for an exit, this episode provides essential tips and real-world advice for long-term success.Takeaways:Navigate Sensitive Corporate Transformations: Address sensitive and complex issues during corporate transformations with expert guidance. Experience in advising middle-market firms can help entrepreneurs through critical phases of their business lifecycle.Plan with the End in Mind: Start a business with a clear, tentative end goal—whether it’s an exit strategy or long-term vision. This ensures alignment with partners and helps avoid disputes later by building a coherent strategy from the outset.Choose Your Partners Wisely: Partner alignment is crucial. Make sure all partners share the same vision for the company, and have open, early discussions about expectations and long-term goals to avoid misunderstandings.Establish Working Capital: Ensure sufficient working capital, especially in project-based businesses or during economic downturns. A financial cushion helps sustain the business in tough times and allows for continued growth.Recurring Revenue is Key: Incorporate recurring revenue streams into your business model. Subscriptions or ongoing client relationships add stability to revenue and make your business more attractive to investors.Credit When You Need It Least: Establish credit lines when your business is performing well. This provides financial flexibility in case you need it during leaner times.Professional Advice: Hiring professional advisors such as investment bankers and M&A lawyers is essential. Their expertise can provide critical insights during the sales process and help maximize your business's valuation.Quote of the Show:"Your leadership team must be made up of A-plus players. When you have A-plus leaders, they can attract and recruit A-plus talent at the director and manager levels."Links:LinkedIn: https://www.linkedin.com/in/thomasbonney/ Website: https://www.cbiz.com/ Ways to Tune In:Spotify: https://open.spotify.com/show/1ghmiiaRwVtQ9kqqqvmVQY Apple Podcasts: https://podcasts.apple.com/us/podcast/built-to-finish/id1781753842 Amazon Music: https://music.amazon.com/podcasts/665cacbf-79ed-4745-8856-1d8465943c65 Podchaser: https://www.podchaser.com/podcasts/built-to-finish-5907037 YouTube: https://youtu.be/KM-axVjOphQ 

There are no comments yet.

Please log in to write the first comment.